Latest news with #SCA
Arabian Business
a day ago
- Business
- Arabian Business
UAE finfluencer licensing brings ‘long overdue accountability' to social media investment advice, experts say
The United Arab Emirates has launched the region's first licensing system for finance influencers, marking a regulatory milestone that wealth managers say brings 'long overdue accountability' to social media financial content that has often put investors at risk. The UAE's Securities and Commodities Authority (SCA) announced the groundbreaking 'finfluencer' licence on Wednesday, establishing a comprehensive framework for individuals offering investment analysis and recommendations across digital platforms. The move comes as regulators worldwide grapple with the growing influence of unqualified social media personalities on public investment decisions. 'Introducing the Finfluencer license is not merely a regulatory measure; it is a strategic move to redefine the role of regulators in the digital economy,' said H.E. Waleed Saeed Al Awadhi, CEO of the SCA. 'Through this initiative, the SCA aspires to elevate global benchmarks of market integrity, foster transparency, and nurture a disciplined and trustworthy financial environment.' هو الشخص المسجل لدى الهيئة لتقديم توصيات مالية تتعلق بشراء أو بيع أو الاحتفاظ بمنتج مالي أو أصل افتراضي أو تقديم توصية تتعلق بخدمة مالية أو أي مصدر داخل الدولة، من خلال وسائل الإعلام التقليدية أو الحديثة كوسائل التواصل الاجتماعي المختلفة المكتوبة أو المسموعة أو غيرها أو المشاركة… — SCA UAE (@sca_uae) May 30, 2025 The regulation applies to anyone with at least 1,000 followers who provides financial recommendations related to regulated products or entities within the UAE, covering everything from social media posts to public seminars and traditional media appearances. Industry welcomes regulatory clarity Daniel George, Head of Business at St James's Place Middle East, described the licence as 'a timely and necessary move' that addresses longstanding concerns about unqualified advice circulating on social media platforms. 'It brings long overdue accountability to social media financial content, where unqualified advice has too often gone unchecked – putting investors at real risk of scams, misinformation and get-rich-fast schemes that backfire,' George told Arabian Business. The wealth management executive said the regulation validates what traditional financial firms stand for: 'trust, transparency and regulated advice.' He added that it 'resets the playing field and reinforces the value of credible, long-term and professional financial advisory in a market flooded with unverified content.' Legal experts also noted that the UAE's approach stands out for its unusually broad scope compared to existing frameworks globally. Hala Harb, a Senior Associate at Dubai-based law firm BSA, said the regulation 'applies across all media formats, not just social media, but also includes offline appearances such as public events and seminars.' Unlike other jurisdictions that typically target licensed firms, the SCA's rules extend to any individual with a notable online presence providing financial advice, regardless of their location if they target UAE audiences. 'The Finfluencer Law sets an important precedent by officially regulating individual content creators, extending rules to influential figures beyond traditional licensed financial institutions,' Harb explained. In a departure from traditional regulatory approaches, the SCA has waived all registration, renewal, and legal consultation fees for three years. This strategy aims to encourage compliance rather than create barriers to entry. However, applicants must still meet specific conditions, including being a certified financial analyst, having at least six months of finance experience, or providing consistent, credible recommendations based on analysis or third-party recognition. Harb noted that the relatively low threshold of 1,000 followers 'reflects a proactive regulatory stance' and means 'even smaller content creators need to be aware that their financial commentary could now fall under formal oversight.' Market impact and client behaviour The regulation comes as wealth managers report increasing client interest in social media-driven investment ideas. George said his firm has had 'clients walk into a meeting quoting something they've seen on Instagram or TikTok and asking if they should jump on the trend.' He welcomed this curiosity but emphasised the importance of bridging 'the gap between general content and personalised, regulated advice.' The licensing system will help introduce accountability into the discovery phase, he said. St James's Place Middle East said it is watching the space closely but will not rush into collaborations with finfluencers. 'If we do engage with finfluencers in the future, it will have to be with those who share our values: long-term thinking, client-outcome-first, and quality over hype,' George said. The initiative forms part of the UAE's broader strategy to cement its position as a leading regional and global financial hub. The SCA said the regulation demonstrates its commitment to 'safeguarding market integrity, advancing financial literacy, and aligning with international best practices.' George believes the regulatory leadership is crucial for attracting high-net-worth individuals and international business. 'HNWIs and international families want to see that a jurisdiction takes investor protection seriously. This move by the SCA sends a clear message: the UAE is not just open for business, it's serious about doing business the right way,' he explained. Enforcement challenges ahead? While industry experts welcome the framework, questions remain about enforcement, particularly for cross-border content creators. Harb said enforcing the rules across borders 'could be challenging due to jurisdictional limits, gaps in platform oversight, and the difficulties in identifying unregistered individuals.' However, she noted that individuals targeting UAE audiences 'could be subject to action, including takedown requests or platform coordination to restrict non-compliant content,' regardless of where they are based. The exact penalty amounts remain unknown due to the untested nature of the regulation. The next challenge, according to George, is 'enforcement and education – making sure both influencers and audiences understand what the licence means.'
Al-Ahram Weekly
a day ago
- Al-Ahram Weekly
Reviving a sacred legacy - Egypt - Al-Ahram Weekly
The Abu Mena Monastery near Alexandria is undergoing restoration and development work to reclaim its outstanding historical and spiritual role. In the arid landscape of Borg Al-Arab southwest of Alexandria, the Monastery of Abu Mena rises as a silent witness to centuries of Christian devotion. Once one of the most important pilgrimage centres in the early Christian world, this revered site, home to the tomb of St Mena, a fourth-century Coptic martyr, is now the focus of a national initiative to preserve, protect, and revitalise its historic significance. Inscribed on the UN cultural agency UNESCO's World Heritage List in 1979 for its exceptional cultural value, the Monastery of Abu Mena has faced considerable threats over the years. Environmental changes, particularly the rising water table, have weakened the integrity of its ancient structures. As a result, UNESCO placed the site on the List of World Heritage in Danger in 2001. A multi-phase restoration project spearheaded by the Supreme Council of Antiquities (SCA) in collaboration with conservation experts and engineers then aimed not only to stabilise the site's archaeological remains but also to reintegrate the monastery into Egypt's cultural landscape. Measures have included improving drainage systems, supporting vulnerable foundations, and applying new conservation techniques tailored to the unique challenges of the site. The groundwater-lowering project at the Abu Mena Monastery has been successfully completed, safeguarding the site from rising groundwater levels that had prompted UNESCO to add it to the World Heritage in Danger List. The project was carried out in close coordination with the ministries of water resources and irrigation, agriculture, and land reclamation, and the Alexandria governorate. Funded with a budget of LE50 million provided by the SCA, the project involved comprehensive technical measures to address the groundwater threat. A total of 69 trenches ranging from 35 to 50 metres in depth were excavated across the site, including 12 surrounding the tomb of St Mena. These were linked with 6.15-metre pipes connected to a pumping system that effectively reduced groundwater levels. In parallel, the Ministry of Tourism and Antiquities in collaboration with the Ministry of Water Resources and Irrigation worked to divert and remove wastewater from the area and implemented the conversion of the local irrigation system to a more sustainable drip-irrigation method, reducing water seepage into the archaeological zone. In addition, restoration work has also been carried out on the western wall surrounding the basilica at the Abu Mena site, with all original architectural elements carefully returned to their original positions. Detailed restoration work across the rest of the site remains ongoing. The project reflects a wider vision for sustainable heritage management in Egypt, one that balances archaeological integrity, spiritual continuity, and economic development through tourism. Abu Mena, with its ancient basilicas, baptistery, crypts, and communal spaces, represents not just the past, but a shared future grounded in history and identity. To enhance the site's management and improve the visitor experience, new information and directive panels have been installed in cooperation with the Alexandria governorate, alongside the construction of access roads to facilitate easier entry. In coordination with UNESCO, additional explanatory panels have been installed throughout the site. These panels include content in both Arabic and English, along with QR codes that link to the ministry's official website, offering visitors in-depth historical and archaeological information. As part of the broader site development, a range of visitor services have been introduced. These include modern restrooms, shaded seating areas, benches, recycling bins, and improved accessibility features designed to accommodate visitors with special needs. INSPECTION: Early this week, Sherif Fathy, the minister of tourism and antiquities, Ahmed Khaled Hassan Said, the Alexandria governor, and Nuria Sanz, director of the UNESCO Regional Bureau, in the presence of His Holiness Pope Tawadros II, pope of Alexandria and patriarch of the See of St Mark, embarked on a tour of the Abu Mena Monastery to review the work being achieved. During the visit, the delegation toured key areas of the site, including the ancient architectural remains and the newly installed infrastructure for groundwater management. The project includes a network of deep wells, drainage lines, and an automated monitoring system designed to stabilise groundwater levels and protect the site's fragile remains. Fathy praised the extensive efforts made by all the parties involved, highlighting the collaboration between the Ministry of Tourism and Antiquities, the Coptic Church, and UNESCO as a model of cultural stewardship. 'Preserving this exceptional site is not only a national responsibility but a global commitment. Abu Mena is a symbol of shared human heritage and deserves to be showcased as a cornerstone of Egypt's cultural and spiritual tourism,' he said. He highlighted the ministry's strategy to promote Abu Mena internationally, integrating cutting-edge technology and Artificial Intelligence (AI) tools to enhance visitor engagement and awareness. Plans are also underway to train specialised tour guides and local monastery staff to ensure the high-quality interpretation of the site's historical and architectural significance. Pope Tawadros II expressed his appreciation of the state's commitment to preserving Abu Mena, describing the efforts as 'a great national achievement that reflects Egypt's respect for its diverse heritage.' He noted that the site attracts visitors from across Egypt, both Christians and Muslims, as well as international pilgrims. Governor Ahmed Khaled reiterated the governorate's full support for the restoration and development of Abu Mena, calling it a vital component of Alexandria's cultural identity and a key destination on Egypt's heritage tourism map. Mohamed Ismail Khaled, secretary-general of the SCA, described the groundwater project as a turning point in protecting the site, moving it closer to removal from the UNESCO List of World Heritage in Danger. He affirmed the SCA's continued dedication to managing archaeological sites with professionalism and foresight. He said the ministry had sent UNESCO a report on the state of preservation of the site in February 2022, along with details of corrective measures. The report includes details of the groundwater-lowering project and an integrated management plan proposed for the first time at the site since it was inscribed on the World Heritage List in 1979, including plans to evaluate risks, amend the boundaries of the archaeological site, and ensure its preservation and restoration. Sanz commended the integrated approach adopted at Abu Mena, calling the project a 'valuable learning experience' and a testament to the importance of shared responsibility in safeguarding World Heritage. As part of the development plan, the site will soon feature improved signage, eco-friendly visitor services, and full accessibility for visitors with disabilities. These enhancements aim to provide a seamless and inclusive visitor experience that reflects the site's profound historical and spiritual significance. 'We are here to celebrate the spirit of partnership. The conservation plan of the World Heritage Site has been a learning process for all of us. It was not just about assessment or technicalities. This is a site that is managed and preserved by many actors and institutions. And we are all part of this endeavour, and we have felt since the beginning a sense of shared responsibility,' Sanz said. HISTORY: Beyond its material preservation, the Abu Mena Monastery holds deep spiritual value for the Coptic community. Historically, pilgrims travelled from across the Mediterranean to visit the shrine of St Mena, seeking healing and blessings. With the restoration efforts, officials hope to renew this legacy by preparing the site to once again receive religious pilgrims and visitors from around the world. The Abu Mena site was one of the great centres of pilgrimage in Egypt from the fifth to seventh centuries CE. Thousands of people came from all over the Christian world seeking healing, and pilgrims took home holy water in tiny pottery ampoules shaped like two-handled jars and stamped with the figure of the saint between two camels or oil from the lamp that burned before the tomb. Gamal Mustafa, head of Islamic, Coptic, and Jewish Antiquities at the SCA, said that the architectural features of the Abu Mena site, spanning a diverse array of building types, bear strong influences from Egyptian architectural traditions. These elements vividly showcase the fusion of traditional Egyptian architecture with diverse styles from the wider Mediterranean Basin, marking a significant advancement in early Christian architectural design and customs. The property encompasses all the essential elements to convey its Outstanding Universal Value for UNESCO listing, including the preserved archaeological structures of the Abu Mena Monastery with its integrated plan, thereby fulfilling the requirements of integrity. The structural integrity of the churches, St Mena's tomb, pilgrim accommodations, public baths, workshops, and cisterns remains robust, with regular maintenance efforts in progress. Nonetheless, the property remains vulnerable to risks posed by heavy rainfall, winds, humidity, and fire, underscoring the ongoing need for vigilance and protection measures, UNESCO has said. The authenticity of the property is underscored by several key attributes, including the overall design of the monastery and its structures, as well as the preservation of original building materials, initially documented during excavations in 1905. These materials encompass limestone, bricks, mortars, and marble, contributing to the unique architectural composition and layout of the Christian centre alongside the remarkably intact holy marble settlement. While complete historical structures are scarce, remnants such as lower sections, floor plans, and certain vertical elements persist, faithfully representing their original form, design, and substance. The original urban layout has been meticulously maintained, showcasing surviving buildings such as the grand basilica, the martyr's tomb, churches, hostels, and public edifices. Additionally, the presence of olive, raisin, and wine presses offers insight into the development of industry and technology during this early historical period, dating back to the fourth century CE. These elements collectively contribute to the authenticity of the property, preserving its rich heritage and cultural significance for future generations to learn from and enjoy. Coptic Bishop Badawes Avamena, responsible for antiquities at the Abu Mena Monastery, said that Mena was a soldier-saint who had died a martyr's death during the Roman period. His cult gained popularity when, according to legend, his body was placed on a camel and borne inland to be buried. At a certain spot, the camel refused to move further, a sign taken as a divine revelation that he should be buried there. Wind-blown sand eventually covered the tomb of the saint, and no trace was left. Some centuries later, a shepherd observed that a sick lamb that had crossed the spot had become well. When the remains of the saint were rediscovered, a church was built over his grave. The reputation of the place spread far and wide. Pilgrims came in scores, and the stories of the cures that they carried home attracted more pilgrims. Soon the original church was too small to accommodate the number of visitors, and the Roman emperor Arcadius (395-408 CE) built another church, to which the saint's relics were transferred. Subsequent emperors erected other buildings, and eventually the site's basilica was built, to which thousands of pilgrims flocked from as far afield as England, France, Germany, Spain, and Turkey. Cures were attributed to the therapeutic effects of water from springs in the area's limestone rocks, and baths were built flanking the church. When the Roman emperor Constantine the Great's only daughter, who suffered from leprosy, was reputedly healed at the pilgrimage site, its fame spread further throughout the Roman world. A great city grew up, flourished, and then eventually disappeared. Though written about by classical writers, the city was thought to have been legendary until in 1961 the German Archaeological Institute excavated the area under the direction of archaeologist Peter Grossman and discovered one of the largest and most ancient pilgrimage sites in the world. The ruins cover an area of one square km where the main colonnaded pilgrimage route of the early Christians has been identified. It had shops and workshops to the left and right, leading to the Church of the Martyr Mena built during the era of the Byzantine emperor Justinian (528-565 CE). The ruins suggest that pilgrims gathered in a great square surrounded by hostels. There, monks could take care of the sick who came to the shrine to be healed. There are also the ruins of two large bathhouses and wells. A new monastery has now been built at the site, its lofty walls and twin towers situated no more than 500 metres from the ancient site. The site was inscribed on the UNESCO World Heritage List in 1979 because it is an outstanding example of one of the first early Christian monastic centres developed in the Near East. Beyond its religious significance, it served as a prominent pilgrimage destination, boasting a larger settlement compared to many contemporary sites in the region. As Egypt moves forward with the rehabilitation of Abu Mena, there is a renewed sense of optimism. By combining technical expertise, community engagement, and government commitment, the country is setting an example in heritage preservation that echoes far beyond the sands of Borg Al-Arab. * A version of this article appears in print in the 29 May, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Eyewitness News
2 days ago
- Politics
- Eyewitness News
AmaZulu Traditional Prime Minister confident Zulu royal family will soon unite
BLOEMFONTEIN - The Zulu traditional prime ministry is confident the Zulu royal family will soon unite and put their differences aside. This, as members of the royal family, still do not share a common opinion on the kingship. Some want the king's older brother, Prince Simakade, to become king, while some remain adamant that Misuzulu kaZwelithini is the rightful heir. ALSO READ: - Judgment reserved in Ramaphosa's appeal matter on recognising King Misuzulu as Zulu heir - Prince Mbonisi says late King Zwelithini's siblings stripped of right to identify next Zulu king - Zulu regiments call on opposing factions to unite under King Misuzulu to achieve stability Disputes on the succession have once again played out in the courts as the Supreme Court of Appeal (SCA) heard arguments over two days on the identification of the king. For the past two days, the succession matter of the Zulu family was subject to the court. This time around, arguments focused on whether King Misuzulu was properly recognised by government. In December 2023, the Pretoria High Court invalidated the king's recognition, and this sparked more legal challenges, with the SCA approached to reverse the High Court, while some wanted the ruling to continue. Meanwhile, a cordial mood demeanour was displayed between opposing factions in the royal family. Traditional Prime Minister Inkosi Phathisizwe Chiliza said this is a good sign. 'There will be peace in the royal family. If you can see here in court, besides the fact that some were sitting on different sides, but when they were singing, they were singing together.' Chiliza said that whatever the outcome will be on the appeal, unity will still prevail.
Yahoo
2 days ago
- Business
- Yahoo
Elastic N.V. (ESTC) Teams Up With AWS to Accelerate Artificial Intelligence Innovation
We recently published a list of . In this article, we are going to take a look at where Elastic N.V. (NYSE:ESTC) stands against other AI stocks on latest news and ratings. On May 28, Elastic N.V. (NYSE:ESTC) announced a five-year strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to accelerate artificial intelligence innovation. Elastic N.V. is a search AI company offering cloud-based solutions. The collaboration will allow organizations to streamline their transitions into AI-native enterprises via joint product integrations and go-to-market (GTM) initiatives. This will allow customers to build generative AI-based applications faster while reducing intricacies. A group of software engineers working in an open, futuristic office. By integrating Elastic's Search AI Platform with AWS services, customers will be able to build intelligent, scalable, and secure applications by using generative AI features through Amazon Bedrock, migrating Elastic Search workloads to Elastic Cloud and AWS, saving costs, accelerating AI development, and ensuring strong data regulation. 'As the speed of generative AI adoption accelerates, search has become increasingly relevant. Our collaboration with AWS and integration with Amazon Bedrock brings the power of search directly to generative AI for a host of use cases, including cybersecurity and observability. Together, we're enabling developers to build intelligent, context-aware applications that leverage their own data securely and at scale.' Overall, ESTC ranks 9th on our list of AI stocks on latest news and ratings. While we acknowledge the potential of ESTC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ESTC and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Citizen
2 days ago
- Politics
- The Citizen
King Misuzulu recognition: Prince Mbonisi wants throne battle to be referred back to Zulu royal family
The prince's lawyer asked for President Cyril Ramaphosa's appeal to be dismissed with costs. King Misuzulu kaZwelithini with President Cyril Ramaphosa at the unveiling of the King Shaka statue in Durban on 7 November 2024. Picture: Gallo Images/Siyabonga Sokhela The lawyer for Prince Mbonisi Zulu, the brother of the late Zulu King Goodwill Zwelithini kaBhekuzulu, says the ongoing royal succession saga should be sent back to the Zulu royal family to restart the identification process. The Supreme Court of Appeal (SCA) on Thursday continued hearing arguments in an application for leave to appeal, filed by President Cyril Ramaphosa. The president is seeking to overturn a 2023 ruling by the Gauteng High Court in Pretoria that declared his recognition of King Misuzulu kaZwelithini as unlawful. King Misuzulu ascended to the throne following the deaths of King Zwelithini and Queen Regent Mantfombi Dlamini in 2021. Ramaphosa then officially presented King Misuzulu with a certificate of recognition at Moses Mabhida Stadium in Durban, KwaZulu-Natal (KZN) on 29 October 2022. Prince Mbonisi challenges Ramaphosa's recognition of King Misuzulu The president's legal team argued On Wednesday that he acted within the provisions of the Traditional and Khoi/San Leadership Act when recognising King Misuzulu. The recognition followed a KZN High Court decision, which found that King Misuzulu's identification –based on a royal family meeting held on 14 May 2021 – complied with Zulu customary law. However, Prince Simakade Zulu challenged the legitimacy of that meeting, stating that it had been convened under false pretences. He claimed the identification process, therefore, failed to adhere to customary law. Prince Mbonisi's legal representative, Advocate Menzi Simelane, expressed similar concerns in court on Thursday. Simelane told the SCA bench that the late king, while a monarch, was first and foremost the head of his own household – comprising himself, his wives, and his children. ALSO READ: AmaZulu throne battle: Ramaphosa argues he recognised King Misuzulu, not appointed him Therefore, the customs and rituals specific to his immediate family must be observed just as much as the broader traditions of the Zulu nation. He argued that if proper customary procedures had been followed, Prince Mbonisi and his siblings would not have been excluded from their role in the process of identifying the next king. 'The case being made is that in our own family, Prince Mbonisi, being the most elder now that the king has since been deceased, could not lead that family in the manner that custom dictates for the sole reason, and no other, that there were other participants who got themselves involved in those processes and things turned out the way that they turned out. 'But by Zulu customs strictly, everybody should have observed the leadership in that house, in that family, in the same way that it happens in every other clan,' Simelane said. Watch the court proceedings below: He called for Ramaphosa's appeal to be dismissed with costs and requested that the dispute be sent back to the royal family to begin the identification process anew. 'The point would be 'what should happen then', the matter would be referred to the appropriate place, which is the Zulu royal family, to do what they ordinarily would have done.' King Misuzulu's identification questioned Meanwhile, Advocate Thabani Masuku, representing the Zulu royal princesses, argued that Ramaphosa failed to confirm whether the May 2021 meeting involved recognised royal family members. Masuku contended that the validity of the recognition decision hinged on the legitimacy of the identification process. 'In other words, a lawful identification decision is a requirement for a lawful exercise of a recognition decision. 'We have submitted that the president did not have a lawful identification before him. 'He also did not have an application by the royal family that could have justified him exercising the powers that he did in recognising the King Misuzulu.' The judgement in the matter has been reserved and will be delivered at a later stage.
